Blockchain Startup Sandbox Planned By Lithuania’s Central Bankbr>
The Bank of Lithuania, the country’s central bank, is creating a new regulatory “sandbox” for domestic and foreign companies to develop and test FinTech and blockchain solutions.
Called “LBChain,” the new initiative will allow companies to carry out blockchain technology research and test financial products in a limited setting and under the auspices of regulators. Participants will be provided with a technical platform and offer consultations on applicable regulations.
“Blockchain technology has tremendous potential for innovations that will benefit consumers in both the financial and public sectors,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania. “Giving businesses room for the regulated development of this technology will make our country increasingly attractive for investment and help us attract the best talent, as well as make Lithuania a home for innovations.”
The bank said LBChain will only be available to blockchain companies that are to be selected on the basis of certain criteria. It could be launched as early as 2019 after the confirmation of the project’s co-financing with EU funds and the completion of initial preparations.
“This platform will contribute to the creation of better conditions in Lithuania for the development of the FinTech business and innovation-friendly regulation, as well as help the Bank of Lithuania keep pace with technology innovations that change financial institution activities,” said Jurgilas.